Fidelity National Financial (FNF)
NYSE:FNF
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Fidelity National Financial
(NYSE:FNF)
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Rating:54Neutral
Price Target:
$48.00
â–¼(-3.42% Downside)
Action:DowngradedDate:02/27/26
The score is held back primarily by deteriorating financial quality—especially the sharp 2025 cash-flow collapse and weaker profitability—along with bearish technical trend signals. Offsetting these are a constructive earnings-call outlook with ongoing capital returns and an above-average dividend yield, which provide partial support despite only moderate valuation.
Positive Factors
Title Segment Profitability
FNF’s industry-leading Title adjusted pretax margins demonstrate a durable competitive advantage in underwriting and pricing discipline. High structural margins support sustained cash generation from core operations, providing resilience through cycles and room for reinvestment and shareholder returns over the medium term.
Negative Factors
Cash Flow Collapse
A dramatic fall in operating and free cash flow is a structural red flag for earnings quality and liquidity. Even if partly timing or one-off, such a collapse constrains capital allocation, raises reliance on external funding, and weakens the cushion for sustained dividends or opportunistic M&A for several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Title Segment Profitability
FNF’s industry-leading Title adjusted pretax margins demonstrate a durable competitive advantage in underwriting and pricing discipline. High structural margins support sustained cash generation from core operations, providing resilience through cycles and room for reinvestment and shareholder returns over the medium term.
Read all positive factors
Fidelity National Financial (FNF) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$13.90B
Dividend Yield3.69%
Average Volume (3M)2.16M
Price to Earnings (P/E)―
Beta (1Y)0.61
Revenue Growth5.76%
EPS Growth-52.49%
CountryUS
Employees23,533
SectorFinancial
Sector Strength70
IndustryInsurance - Specialty
Share Statistics
EPS (TTM)2.22
Shares Outstanding269,157,530
10 Day Avg. Volume1,537,933
30 Day Avg. Volume2,156,692
Financial Highlights & Ratios
PEG Ratio-0.47
Price to Book (P/B)1.99
Price to Sales (P/S)1.02
P/FCF Ratio2.32
Enterprise Value/Market Cap1.14
Enterprise Value/Revenue1.11
Enterprise Value/Gross Profit1.71
Enterprise Value/Ebitda6.40
Forecast
1Y Price Target
$63.67Price Target Upside28.10% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)5.81
Revenue Forecast (FY)$15.93B
Fidelity National Financial Business Overview & Revenue Model
Company Description
Fidelity National Financial, Inc., together with its subsidiaries, provides various insurance products in the United States. The company operates through Title, F&G, and Corporate and Other segments. It offers title insurance, escrow, and other ti...
How the Company Makes Money
FNF primarily makes money through its title insurance and title/escrow (settlement) operations tied to real estate transactions. (1) Title insurance premiums: When a home or commercial property is purchased or refinanced, a title insurance policy ...
Fidelity National Financial Key Performance Indicators (KPIs)
Any
Revenue By Segment
Shows how much revenue each business segment generates, highlighting which areas are driving growth and which may need strategic adjustments.
Shows how much revenue each business segment generates, highlighting which areas are driving growth and which may need strategic adjustments.
Data provided by:
The Fly
The FlyFidelity National Financial Earnings Call Summary
Earnings Call Date:Feb 19, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 06, 2026
Earnings Call Sentiment Positive
The call highlighted strong operational performance — notably industry-leading Title margins, robust commercial revenue growth, substantial technology adoption (inHere and AI), and solid F&G AUM and sales growth — along with meaningful shareholder returns via dividends and buybacks. Offsetting items included a large noncash deferred tax charge that produced a Q4 GAAP net loss, modest declines in investment income due to rate cuts, reduced holding company liquidity versus prior-year, and ongoing low transactional housing volumes. Overall, the company appears well-positioned financially and operationally, with constructive guidance and capital allocation plans but with near-term noise from accounting and macro rate/headwind effects.Positive Updates
Strong Title Segment Profitability
Adjusted pretax Title earnings of $401,000,000 in Q4 and $1,400,000,000 for full-year 2025, producing industry-leading adjusted pretax Title margins of 17.5% in Q4 and 15.9% for the full year.
Negative Updates
GAAP Net Loss Driven by Noncash Tax Charge
Reported a Q4 GAAP net loss of $117,000,000, which included a $471,000,000 noncash deferred income tax charge related to the year-end distribution of F&G shares that reduced ownership below 80%; charge had no cash impact but materially reduced GAAP net income for the quarter.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Title Segment Profitability
Adjusted pretax Title earnings of $401,000,000 in Q4 and $1,400,000,000 for full-year 2025, producing industry-leading adjusted pretax Title margins of 17.5% in Q4 and 15.9% for the full year.
Read all positive updates
Company Guidance
Management's guidance for 2026 focused on steady income and continued capital returns: they expect Title & Corporate interest and investment income of about $95–$100 million per quarter (assuming two 25‑bp Fed cuts), roughly $112 million of annual common and preferred dividend income from F&G to the holding company, and see Title adjusted pretax margins moving toward the midpoint of their long‑run 15–20% range (Q4 2025: 17.5%, FY 2025: 15.9%) as purchase and refinance activity improves (MBA/Fannie project ~10% more existing home sales in 2026) and commercial momentum continues; at the holding company they expect to pay about $560 million in common dividends, carry interest expense near $75 million, receive regulated upstream dividends of ~$400–$450 million and other operating dividends in the ~$600–$650 million range, and plan ongoing share repurchases plus more opportunistic M&A as cash flow generation remains strong.Fidelity National Financial Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
67
Positive
Cash Flow
30
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 14.51B | 13.36B | 11.52B | 11.46B | 15.07B |
| Gross Profit | 14.24B | 7.07B | 5.66B | 7.14B | 8.97B |
| EBITDA | 2.52B | 2.69B | 1.46B | 2.34B | 4.10B |
| Net Income | 602.00M | 1.27B | 517.00M | 1.29B | 2.80B |
Balance Sheet | |||||
| Total Assets | 109.01B | 95.37B | 80.61B | 65.14B | 60.69B |
| Cash, Cash Equivalents and Short-Term Investments | 57.20B | 31.05B | 26.56B | 37.73B | 36.36B |
| Total Debt | 4.77B | 4.71B | 4.28B | 3.66B | 3.51B |
| Total Liabilities | 100.04B | 86.84B | 73.15B | 58.57B | 51.23B |
| Stockholders Equity | 7.42B | 7.75B | 6.91B | 6.12B | 9.41B |
Cash Flow | |||||
| Free Cash Flow | 6.38B | 6.67B | 6.35B | 4.22B | 3.96B |
| Operating Cash Flow | 6.52B | 6.82B | 6.48B | 4.36B | 4.09B |
| Investing Cash Flow | -9.63B | -7.86B | -9.09B | -10.52B | -7.45B |
| Financing Cash Flow | 2.26B | 1.76B | 3.09B | 4.09B | 5.00B |
Fidelity National Financial Technical Analysis
Neutral
49.70
Price Trends
49.47
Positive
51.88
Negative
53.03
Negative
Market Momentum
<0.01
Negative
60.95
Neutral
87.31
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FNF, the sentiment is Neutral. The current price of 49.7 is above the 20-day moving average (MA) of 46.46, above the 50-day MA of 49.47, and below the 200-day MA of 53.03, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 60.95 is Neutral, neither overbought nor oversold. The STOCH value of 87.31 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for FNF.
Fidelity National Financial Risk Analysis
Fidelity National Financial disclosed 9 risk factors in its most recent earnings report. Fidelity National Financial reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Fidelity National Financial Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $6.98B | 12.41 | 11.87% | 3.58% | 27.63% | 328.74% | |
76 Outperform | $5.55B | 8.58 | 14.33% | 1.89% | -1.24% | 4.62% | |
76 Outperform | $5.64B | 10.04 | 12.09% | 1.88% | 1.22% | 0.61% | |
72 Outperform | $11.53B | 13.93 | 15.61% | 1.36% | 7.89% | 18.12% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
54 Neutral | $13.90B | -31.49 | 7.63% | 3.69% | 5.76% | -52.49% | |
51 Neutral | $8.11B | 26.93 | 20.85% | 0.93% | 18.37% | 98.44% |
* Financial Sector Average
FNF
Fidelity National Financial
51.63
-8.30
-13.84%
AIZ
Assurant
231.51
38.07
19.68%
FAF
First American Financial
68.52
9.09
15.29%
MTG
MGIC Investment
26.26
0.78
3.04%
ESNT
Essent Group
60.03
2.80
4.90%
RYAN
Ryan Specialty Group
30.83
-36.21
-54.01%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.